The Federal Reserve yesterday announced the results of its term auction facility, selling $50 billion of 28-day credits at a 2.450% stop-out rate, the lowest rate at which the offering amount clears, which is the sole rate awarded to all the successful bids.
The bid-to-cover ratio was 1.51. Bids at the stop-out rate were prorated at 51.56% and resulting awards were rounded to the nearest $10,000 — awards below $10,000 are rounded up to $10,000.
Total propositions submitted were $75.462 billion, and the Fed accepted $50.000 billion. There were 65 bidders.